Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, has made a fresh investment in human capital management (HCM) platform Darwinbox.
The transaction is TVG’s second investment in Darwinbox, following its initial backing of the company in 2025. The companies have not disclosed the financial terms of the latest deal. However, an ET report estimates the round at around $40 million.
Darwinbox was founded in 2015 by Jayant Paleti, Chaitanya Peddi, Rohit Chennamaneni and Vineet Singh. Its cloud-based, mobile-first HCM platform helps organisations manage various stages of the employee lifecycle, including recruitment, onboarding, talent management and retention.
Over the years, the company has expanded its HCM offering with an emphasis on automating workflows, simplifying HR processes and delivering more personalised employee experiences.
In August, Darwinbox introduced Cortex, an AI-native HCM platform designed to bring AI-powered intelligence and execution into HR applications and workflows. The product was initially rolled out with pilot customers such as Fortune 1000 companies Visteon and Transcarent.
Darwinbox is developing Cortex in collaboration with technology companies including Microsoft, Slack and Glean. The platform is designed to extend AI capabilities across the applications and workflows employees use.
The company currently serves more than 1,400 organisations and 4.5 million employees globally. Darwinbox said it has recorded a 70% CAGR over the last five years, while expanding across markets including the US, Middle East, India and Southeast Asia.
